Statement of financial position as at 31 March 2018 000's ASSETS Non-current assets Property, plant and equipment (at cost less depreciation) Land and buildings 427 Fixtures and fittings 160 587 Current assets Inventories 406 Trade receivables 275 Cash at bank 0 681 Total assets 1268 EQUITY AND LIABILITIES Equity Share capital Profit for the period Retained earnings 300 15 223 538 Non-current liabilities Borrowings - 9% loan notes 300 Current Liabilities Trade payables Other payables 354 76 430 Total equity and liabilities 1268 Income statement for year ended 31 March 2018 Revenue Cost of sales Gross profit Operating expenses Operating profit Interest payable Net profit (ignoring taxation) 2681 -2272 409 362 47 -32 15 Since the unaudited financial statements for your company were prepared, the following 1 An additional 30,000 of depreciation should have been charged on your fixtures and fittings 2 The refrigerator broke, leaving 7,000 worth of seafood (inventory) unsaleable. 3 Your are informed that a customer has gone bankrupt and will not be paying the 9,000 they owe for the products you sold them. 4 Invoices for credit sales on 31 March 2018 amounting to 100,000 were found under your keyboard and have not been included in the financial statements. Cost of sales is not affected. 5 Wages for the last week of the year, amounting to 18,000, have not been included in the financial statements. 6 An invoice from your lawyer for work performed for your company in February has not arrived, but you estimate that it will be 10,000 7 A new machine was purchased on short-term credit for 50,000 and delivered on 31 March 2018 but has not been included in the financial statements (ignore depreciation). 8 An allowance for doubtful debts should have been made equal to 10,000. Prepare revised financial statements for your company for the year ended 31 March